Be glad that you made it out alive.
https://www.youtube.com/watch?v=n0Y1N0EbXvI
Welcome to East St! Where the niggas ain't no joke! Welcome to East St! You will get ya ass smoked!
‘Black Friday’ prosecutor now investigating daily fantasy sports
By Brent Holloway
According to a report from the Wall Street Journal, the federal prosecutor behind the shutdown of online poker in the United States has now turned his attention to daily fantasy sports.
US Attorney Preet Bharara’s office in the Southern District of New York is now investigating whether the daily fantasy business model violates federal law, according to the story, which cited unnamed sources. It’s the latest in a string of inquiries into DFS that are popping up with increasing frequency, and some believe Bharara’s involvement represents a significant escalation.
“Because of his past and his reputation, this is probably the most frightening development yet for the industry,” attorney Daniel Wallach told the WSJ.
The investigation is reported to be in its early stages, and there’s no indication how it might overlap with any of the ongoing investigations, including those conducted by the New York Attorney General’s office, the FBI and the Department of Justice, as well as a federal grand jury that is reportedly being convened in Florida to investigate similar issues.
The Wall Street Journal did not mention specific laws, but it would seem the Illegal Gambling Business Act would be relevant. Enacted in 1970, it makes violation of state gambling laws a federal crime.
According to New York Penal Law 225.00, a contest of chance is defined as “any contest, game, gaming scheme or gaming device in which the outcome depends in a material degree upon an element of chance, notwithstanding that skill of the contestants may also be a factor therein.”
How the state defines a “material degree” of chance is not clear.
Joe Brennan, a veteran of the online gaming business, weighed in on the news Wednesday morning on Twitter.
With the WSJ piece about DFS & SDNY/DoJ, it’s important to keep a few things in mind b/f things get out of control:
There are three federal laws to be considered: Wire Act (1961), IGBA (1970) and UIGEA (2006). Simply, Wire Act prohibited interstate sports betting; IGBA uses violation of state gaming law to target organized, criminal gambling. UIGEA made is a crime for financial co’s to process “illegal” online gambling transactions which Congress defined at length.
Congress was fully aware of Wire Act & IGBA when it passed UIGEA. It’s why they defined fantasy sports v illegal sports betting. And as we’ve heard in the NJ sports betting suit, Congress need only act on a rational basis for its laws to withstand challenge.
keep this in mind w/ rumors of SDNY investigating the “legality” of DFS. DOJ enforces laws passed by congress. It does not make law. DOJ does not judge the validity of a law: Federal courts do that. What DOJ can do is determine if laws they’ve been charged to enforce have been broken. Thus the separation of powers.
Given the fed laws here, while SDNY will likely determine if DK/FD violated IGBA by violating NY State gambling laws SDNY would have a heavy burden to make a case under UIGEA, given the definitions provided by Congress (IMO, obviously).
It’s also more likely SDNY looks at other charges (i.e. Fraud, etc) unrelated to the status of DFS under Fed law, which is valid. So if there is any “legality” under review by SDNY it is likely re NY State law triggering IGBA. Also valid. Not the UIGEA definition
the point of this is, states have the right to regulate, DOJ to enforce the laws Congress makes. DFS has to comply. But the media, by reporting rumors & speculation v. news, has poured gas on this. And I doubt the coverage improves in quality soon.
Poker & DFS. It’s an interesting comparison, but apples & oranges. Fantasy has a UIGEA pass, poker doesn’t. Fair? Maybe not. But the “Preet killed poker, now after DFS” is absurd tabloid journalism & intellectually lazy given the Fed laws & definitions.
Given the reaction of operators when the grand jury in Florida was reported, it would not be surprising to see some sites decide to bar players from New York while the investigation is ongoing. Yahoo, Star Fantasy Leagues, FantasyDraft and DraftOps are among the sites no longer operating in Florida, and Amaya-owned StarsDraft withdrew from all but four states earlier this week.
The industry’s two most prominent sites, FanDuel and DraftKings, continue to operate in all states other than Nevada, Washington, Louisiana, Montana, Arizona and Iowa.
http://dailyfantasytalk.com/2015/10...cutor-now-investigating-daily-fantasy-sports/
By Brent Holloway
According to a report from the Wall Street Journal, the federal prosecutor behind the shutdown of online poker in the United States has now turned his attention to daily fantasy sports.
US Attorney Preet Bharara’s office in the Southern District of New York is now investigating whether the daily fantasy business model violates federal law, according to the story, which cited unnamed sources. It’s the latest in a string of inquiries into DFS that are popping up with increasing frequency, and some believe Bharara’s involvement represents a significant escalation.
“Because of his past and his reputation, this is probably the most frightening development yet for the industry,” attorney Daniel Wallach told the WSJ.
The investigation is reported to be in its early stages, and there’s no indication how it might overlap with any of the ongoing investigations, including those conducted by the New York Attorney General’s office, the FBI and the Department of Justice, as well as a federal grand jury that is reportedly being convened in Florida to investigate similar issues.
The Wall Street Journal did not mention specific laws, but it would seem the Illegal Gambling Business Act would be relevant. Enacted in 1970, it makes violation of state gambling laws a federal crime.
According to New York Penal Law 225.00, a contest of chance is defined as “any contest, game, gaming scheme or gaming device in which the outcome depends in a material degree upon an element of chance, notwithstanding that skill of the contestants may also be a factor therein.”
How the state defines a “material degree” of chance is not clear.
Joe Brennan, a veteran of the online gaming business, weighed in on the news Wednesday morning on Twitter.
With the WSJ piece about DFS & SDNY/DoJ, it’s important to keep a few things in mind b/f things get out of control:
There are three federal laws to be considered: Wire Act (1961), IGBA (1970) and UIGEA (2006). Simply, Wire Act prohibited interstate sports betting; IGBA uses violation of state gaming law to target organized, criminal gambling. UIGEA made is a crime for financial co’s to process “illegal” online gambling transactions which Congress defined at length.
Congress was fully aware of Wire Act & IGBA when it passed UIGEA. It’s why they defined fantasy sports v illegal sports betting. And as we’ve heard in the NJ sports betting suit, Congress need only act on a rational basis for its laws to withstand challenge.
keep this in mind w/ rumors of SDNY investigating the “legality” of DFS. DOJ enforces laws passed by congress. It does not make law. DOJ does not judge the validity of a law: Federal courts do that. What DOJ can do is determine if laws they’ve been charged to enforce have been broken. Thus the separation of powers.
Given the fed laws here, while SDNY will likely determine if DK/FD violated IGBA by violating NY State gambling laws SDNY would have a heavy burden to make a case under UIGEA, given the definitions provided by Congress (IMO, obviously).
It’s also more likely SDNY looks at other charges (i.e. Fraud, etc) unrelated to the status of DFS under Fed law, which is valid. So if there is any “legality” under review by SDNY it is likely re NY State law triggering IGBA. Also valid. Not the UIGEA definition
the point of this is, states have the right to regulate, DOJ to enforce the laws Congress makes. DFS has to comply. But the media, by reporting rumors & speculation v. news, has poured gas on this. And I doubt the coverage improves in quality soon.
Poker & DFS. It’s an interesting comparison, but apples & oranges. Fantasy has a UIGEA pass, poker doesn’t. Fair? Maybe not. But the “Preet killed poker, now after DFS” is absurd tabloid journalism & intellectually lazy given the Fed laws & definitions.
Given the reaction of operators when the grand jury in Florida was reported, it would not be surprising to see some sites decide to bar players from New York while the investigation is ongoing. Yahoo, Star Fantasy Leagues, FantasyDraft and DraftOps are among the sites no longer operating in Florida, and Amaya-owned StarsDraft withdrew from all but four states earlier this week.
The industry’s two most prominent sites, FanDuel and DraftKings, continue to operate in all states other than Nevada, Washington, Louisiana, Montana, Arizona and Iowa.
http://dailyfantasytalk.com/2015/10...cutor-now-investigating-daily-fantasy-sports/
it's about access
yes there isn't anything stopping from people spending their money on forex, lottery tickets, or even drugs. but if you legalize gambling, you create an access that wasn't there before and putting more people at potential risk to addiction.
it's a no brainer to me that putting casinos in every city is a bad fucking idea for society. i certainly wouldn't want to raise kids in a city like vegas. it draws an unwanted influence that you don't want your kids to think is an acceptable norm. keeping gambling to offshore is easy enough for dedicated people who enjoy it as a hobby, but just enough of a headache to keep it away from the rest of the public.
gambling, while it is ok for many of us on therx who don't put their jobs/life at risk, it can be devastating for many others.
because dfs keeps you constantly checking multiple games throughout
laying money on one game has you waiting until the game ends
dfs is far more entertaining as you have a lot of control with picking players, and the opportunity to win big money is always appealing.
dfs is a nice adjunct to make tv more entertaining
grinding out dfs for cash (50/50s, top 30%, etc) is a different story and takes far more work imo (there are plenty of automated algorithms/scripts producing lineups) but they are really just preying on newbs/low limit players which gives them a huge edge.
NCAA prohibits DraftKings, FanDuel from advertising during championship events
The NCAA has informed daily fantasy operators DraftKings and FanDuel that they are barred from advertising during championship events, including television broadcasts, according to a letter obtained by ESPN on Wednesday morning.
The letter, addressed to DraftKings CEO Jason Robins and FanDuel executives Christian Genetski and Matt King and dated Oct. 20, also asks the daily fantasy companies to notify the NCAA if any referees or officials have participated in fantasy sports contests.
The championship events include the NCAA men's and women's basketball tournaments, according to the New York Times, which first reported the NCAA's letter Tuesday night.
...
The NCAA also informed the DFS companies that the NCAA is cancelling a previous agreed upon meeting regarding "the impact of your products on college sports."
===
^ This industry will be dead long before March Madness. Not sure what this would mean for the FBS Playoffs & Championship, article doesn't say.
Per post #46, this whole thing may very well be done before the NFL Conference Championship games.
The NCAA has informed daily fantasy operators DraftKings and FanDuel that they are barred from advertising during championship events, including television broadcasts, according to a letter obtained by ESPN on Wednesday morning.
The letter, addressed to DraftKings CEO Jason Robins and FanDuel executives Christian Genetski and Matt King and dated Oct. 20, also asks the daily fantasy companies to notify the NCAA if any referees or officials have participated in fantasy sports contests.
The championship events include the NCAA men's and women's basketball tournaments, according to the New York Times, which first reported the NCAA's letter Tuesday night.
...
The NCAA also informed the DFS companies that the NCAA is cancelling a previous agreed upon meeting regarding "the impact of your products on college sports."
===
^ This industry will be dead long before March Madness. Not sure what this would mean for the FBS Playoffs & Championship, article doesn't say.
Per post #46, this whole thing may very well be done before the NFL Conference Championship games.
We just live in an overreaction society. Nothing you can do about.
We have not adjusted to the fast paced Twitter pace of life yet.
We blow up things way out of proportion because we have not been able as a society to realize that things are not as out of whack as they seem.
Just because you have 10 24 hr new channels and hundreds of thousands of websites that report every bad thing that happens does not mean that more bad things are happening it just means that you are hearing about it more often.
We have not adjusted to this.
I hope we do someday because the knee jerk reactions from just about everything in life is driving me crazy
We have not adjusted to the fast paced Twitter pace of life yet.
We blow up things way out of proportion because we have not been able as a society to realize that things are not as out of whack as they seem.
Just because you have 10 24 hr new channels and hundreds of thousands of websites that report every bad thing that happens does not mean that more bad things are happening it just means that you are hearing about it more often.
We have not adjusted to this.
I hope we do someday because the knee jerk reactions from just about everything in life is driving me crazy
As much as I'd like to just go to my freedom of choice talking points to refute this post, I do think there is a lot of merit to what you say. Unfortunately, a large % of our population are stupid and weak. Not even making them leave the house to place a bet probably would come with significant societal costs.
In a country that emphasized personal responsibility more then I think all forms of gambling being legal would be fine, but we don't really live in that country.
Chop, is this what you mean by we haven't been able to deal with being bombarded with information yet?
It says nothing. It says employees played on each others sites, they can't anymore. What more do you want?
Also they didn't "win millions" but again, if you get your info from the media I can't blame you for being misled.
Again, employees can't play on other sites anymore. Do you want them publicly stoned? Would that help you sleep better at night?
So other than sensationalizing anything and everything you can, what do you want?
Ethan found insider trading, everyone up in arms. Ethan cleared, not a peep.
If independent investigation and employees not being allowed to play on other sites doesn't do it for you, then maybe don't play? Seems simple enough.
So other than sensationalizing anything and everything you can, what do you want?
Ethan found insider trading, everyone up in arms. Ethan cleared, not a peep.
If independent investigation and employees not being allowed to play on other sites doesn't do it for you, then maybe don't play? Seems simple enough.
Oh I think they're fucked, I've said that. I agree with what you said earlier, this is online gambling and that isn't legal in the US so how can they possibly navigate that? Is the CEO gonna say it is a "skill game like chess" during a congressional hearing? Good luck w/ that. Their only hope is the league/big media influence bails them out. That is why poker is screwed, they really don't have any backing with influence.
It does show a sign of the times when the Ethan thing blows up into a national story, then he gets cleared and it isn't more than a peep. Not much different than Deflategate. Ethan basically is the Tom Brady of DFS. Kid has to be known as the "DFS cheating guy" forever a long time now. Pretty messed up.
They didn't win millions? Do you have privy to information that the media doesn't?
is it possible it says nothing to you but something to others? You're taking this a little personal.....I'm sure it's probably the tip of the iceberg......with very little regulation and millions and millions of dollars involved....there's bound to be shananigans.....it's the American way.
